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. big, big hit to the economy. >> paul, thank you so much. i know you're going to be with us for the next few days as we continue to work through hurricane sandy. thank you, paul. >>> all right. tyler, over to you. >> thank you, sue. hurricane sandy of course bearing down, point pleasant, new jersey. some utilities bracing for the worse. we just talk a little bit about that. warning customers that they could be out of power for a week, ten days, maybe more. what kind of damage are we talking about here and will some utilities perform better than others. greg gordon is senior managing director at isi group. mr. gordon, welcome, good to see you. can any utility that will be affected by this storm be described as a potential winner? >> no. look, these companies are regulated. they are -- they make fixed rates of return on the infrastructure and their job is to provide service. when you have a natural disaster of this proportion, their job is to restore that service as quickly as possible. i've been on the phone and talking to ceos of a bunch of companies since yesterday morning.
today. some of it supposed to have come out earlier in the week, was delayed. shows an economy building momentum. that is at least until sandy came. steve leisman here. steve, is sandy going to slam the brakes on this slightly upward arc we're seeing in the economy? >> it is definitely going to have an impact on the economy. today we got a read on the economy ahead of sandy giving us really a baseline. that baseline was a little bit better than economists originally thought. at almost every count. perhaps the miss here -- what a nice graphic they made. perhaps the miss there was because they don't know how to estimate the new methodology. but that was better than expected. claims a little bit better than expected. ism above expectations also. construction spending powered by residential spending. government spending was tailing off there. consumer sentiment missed, but that was better than it was in the prior month. take a look at the ism manufacturing index in detail. we had this swoon, june, july, august, now it's popped back up above 50 for two months in a row. early to call a trend
as the economics, as far as jobs and growth are concerned because it will add the extra umph to the economy. is that a possibility? >> it certainly is the possibility. first, i don't want to downplay how difficult this has been for the city and for the region. many people are now without homes. there are still thousands of people in shelters. so it's still a difficult time. we've got about $30 million of emergency contracts out there, expenditures that we did not anticipate. but over the long run, as you mentioned, if fema does come through with reimbursements to the city for some of our damaged publix works and the insurance companies come through with what is surely going to be billions of dollars of reconstruction money, that could be some kind of stimulus to the city's economy. >> you mentioned fema and the human tragedy. we are watching live pictures here from atlantic city's airport where air force one is just landing and the president having been to fema today is going to now link up with governor chris christie and tour the area in those helicopters to look at the very human side of
the hollowing out is in the middle class, in the western industrialized economy. you know, again, i think the industrial revolution is a great comparison. overall, it was fantastic that we had the industrial revolution. who would argue with that? but, but, for society to adjust to that new economic reality, to the social and political strains imposed by the industrial revolution took two world wars, communist revolutions in china and in russia, and a whole new set of political and social institutions. and my concluding argument is, we really need to be thinking about a social and political adjustment comparable to the one that we -- >> so who puts that in place? the government you say that's bought by the rich? the problem is that how do you solve that? the rich always get control of the government. right? that's why government needs to be as small as possible. the bigger it gets, the more it gets bought. that's the problem. >> actually, i strongly disagree with that. that's a real -- >> that's the premise of your book. >> no, no. that's a counsel of despair to say the government is alway
that binds the location where the storm hit, probably cost the is economy about $150 to $20 billion, $10 billion per day. wells fargo thinking it could be a .1 to .2% impact on q 4 gdp. >> now, there's the rebuilding, of course, which might offset some of that. >> yep. >> but that takes a while to be impacted and to be really factored into the equation, right? >> i talked to someone yesterday who is thinking we will see a benefit when we go into 2013 and 2014 increasing his growth estimates for 2013 and bringing down unemployment outlook based on the effects bound to happen as the money starts to flow in and rebuild beyond the storm. >> yesterday, we talked a little bit about retail. do you have a different sense of things today or perhaps a more complete sense of what the impact's going to be on retailers? >> i think it's going to be really tough for november. it looks like the power outages that have happened are as bad as we expected, probably lose the first full week of november. that affects about 20% of the retailers in the u.s. so i would expect to see 2 or 3% decrease based on so
Search Results 0 to 4 of about 5